The Apple iPhone 7 and iPhone 7 Plus were a success and Apple is said to redesign all its smartphones to compete better with other OEMs.

Rumors about the specs of the upcoming Apple iPhone 8, codenamed Ferrari, have started circulating online and according to reports, the upcoming iPhone 8 will be the first Apple device to come with an OLED screen. It is still unclear though whether the phone will sport a 5-inch screen or a bigger one.

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Ming-Chi Kuo of KGI Securities reported that the screen will come at 5.8 inches where the 5.15-inch will be the usable screen and the rest will be for the virtual home button. According to speculations, Apple will likely remove the iPhone's physical Home button and replace it with a button under the screen which will be touched and not pressed. The physical buttons at the side could also be replaced by touch-sensitive inlays.

The iPhone 8 could feature an edgeless display, glass body with no physical button and a curved screen to rival the Samsung Galaxy S7 Edge. It is also rumored to come with wireless battery charging support. Apple could also launch three iPhones models such as the iPhone 8 or iPhone X, iPhone 7S and iPhone 7S Plus. It is also speculated to cost over 1,000 USD upon its release.

According to reports, Taiwanese company and TSMC affiliate Xintec has already began mass production of iris recognition chips. However, KGI Securities Ming-Chi Ko states that Apple will likely use facial technology than iris scanning based on previously filed patents. In March 2016, it was already reported that iPhone 8 will have iris scan or facial recognition features.

Other rumored specs include 32 GB, 64 GB and 256 GB storage options, 3 GB of RAM and a look as smooth as black monolith with very few visual design interruptions. Apple and Lumentum are said to produce a 3D-sensing technology for the next iPhone. A foldable iPhone has also been rumored. Production reportedly began earlier and launch is expected to come sooner.